9,961.34 TRY BIST 100 BIST 100
4.85 CNY CNY CNY
35.34 USD USD USD
36.82 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
40.01 TRY Interest Interest
75.97 USD Fossil Oil Fossil Oil
29.61 USD Silver Silver
4.02 USD Copper Copper
96.42 USD Iron Ore Iron Ore
356.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,657.08 TRY Gold (gr) Gold (gr)

India continues to be net steel importer for April - January period

The steel trade deficit in India has expanded significantly, reaching over Rs 11,500 crore during the April to January period of the fiscal year, marking a notable increase of 30 percent within a single month and a substantial 15 percent rise year-on-year.

India continues to be net steel importer for April - January period

This surge in deficit is primarily attributed to escalating imports from China, which have soared by approximately 80 percent year-on-year, according to a recent report from the Steel Ministry of India.

During this period, India found itself as a net importer of steel, with imports totaling 6.8 million tonnes, reflecting a substantial 35 percent increase compared to the preceding period, while exports amounted to 5.5 million tonnes, showing a more modest increase of 3.6 percent.

The report indicates that the import of total finished steel amounted to Rs 56,461 crores (USD 6,822 million), while exports of total finished steel were valued at Rs 44,898 crores (USD 5,425 million) for the April to January period of the fiscal year 2023-24.

In comparison, the trade deficit for the corresponding nine-month period (April – December) stood at Rs 8,888 crore, with imports valued at Rs 48,027 crore and exports at Rs 39,139 crore.

China remains a dominant player in the Indian steel market, with the highest market share and significant increases in imports across various categories, displacing traditional markets like Korea and Japan. On the other hand, Europe continues to be a major buyer of Indian steel, with countries like Italy, Belgium, and Spain showing significant growth in imports.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Walsin Lihwa invests in Indonesia and Europe

Wednesday, January 8, 2025

UK government establishes new steel council to rebuild the steel industry

Wednesday, January 8, 2025

Vallourec achieves net zero debt target a year early

Wednesday, January 8, 2025

Eurozone inflation unexpectedly increased in December

Wednesday, January 8, 2025

Hyundai Motor Group chooses US for first overseas steel plant

Wednesday, January 8, 2025
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now